PBC 即将在一个交易规模比过去十年大出几个数量级的爆发年份中再添一笔，有史以来最大的首次公开募股（IPO）将加入其他六笔巨额股权交易之列。
PBC is poised to add to a blockbuster year of transactions that are orders of magnitude larger than those seen in the past decade, with the biggest initial public offering of all time joining a half dozen other jumbo equity deals.
如果 Anthropic 首次股份发售按其推介区间的上限定价，这家人工智能实验室的 IPO 和私募配售将共同募集 904 亿美元，轻松超越埃隆·马斯克旗下 SpaceX 6 月上市募集的 862 亿美元。
If Anthropic’s first-time share sale prices at the top of its marketed range, the artificial intelligence lab’s IPO and private placement would together raise $90.4 billion, easily surpassing the $86.2 billion in Elon Musk’s SpaceX listing in June.
交易开始后行使所谓的超额配售权（绿鞋机制），将募资总额推高至 1000 亿美元以上，从而超越 Meta Platforms Inc. 上月宣布的约 980 亿美元股权交易，后者同样旨在为其 AI 业务提供资金。
Exercising the so-called over-allotment option after the trading begins, bringing it to more than $100 billion, would surpass Meta Platforms Inc.’s roughly $98 billion equity deal announced last month, also to fund its AI business.
彭博汇编的数据显示，将 IPO、已完成的市场交易股份发售计划和推介股份发售计入时，美国上市公司今年累计募资已超过 4250 亿美元。数据显示，这一数字超过了 2021 年募集的约 4080 亿美元总额。
More than $425 billion has been raised across US-listed companies when accounting for IPOs, completed at-the-market share sale programs and marketed share sales, according to data compiled by Bloomberg. That tops the 2021 total of roughly $408 billion raised, the data show.
包括 Anthropic 在内，美国历史上最大的三笔 IPO 在几个月内接连落地，这表明交易正因 AI 公司前所未有的巨额资金需求而被大幅推高。即使按通胀调整，今年最大的几笔 IPO 规模也远超沙特阿美和 Visa Inc. 等以往的纪录保持者。
Including Anthropic, the US’s three biggest-ever IPOs landed in a matter of months of each other, a sign of how deals are being turbo-charged by AI companies’ need for cash on a scale never seen before. Even adjusted for inflation, this year’s biggest IPOs are far larger than previous record-holders like Saudi Aramco and Visa Inc.
SK Hynix Inc. 7 月在美国的 265 亿美元上市创下了总部设在国外公司的最大规模，但经通胀调整后，其规模实际上更接近几十年前的交易。按此衡量，这家韩国公司的美国首次股份发售规模落后于阿里巴巴集团控股有限公司 2014 年和软银株式会社 2018 年的上市首秀。
While SK Hynix Inc.’s $26.5 billion US listing in July marked the largest for a company based outside of the country, its size after adjusting for inflation is actually more in line with deals from decades ago. By that measure, the South Korean company’s US first-time share sale trails debuts from Alibaba Group Holding Ltd. in 2014 and SoftBank Corp. in 2018.
对 AI 资金的追逐不仅打破了纪录，还促使少数科技巨头几十年来首次出售股票。
The hunt for AI funding has not only broken records, it has also prompted a handful of tech giants to sell stock for the first time in decades.
由马克·扎克伯格领导的 Meta 公司，很可能以 980 亿美元的发行规模（包括一项公开推销的股票出售和优先股）夺得最大规模股权融资的头衔。其中大部分来自一项计划中的 600 亿美元“随时发行”股票销售计划，该计划允许公司定期在公开市场出售股份。
Meta, led by Mark Zuckerberg, would likely hold the title for the biggest equity fundraise with its $98 billion of offerings including a marketed stock sale and preferred shares. The bulk of the total comes in the form of a planned $60 billion at-the-market share sale program, which allows companies to periodically sell shares in the open market.
与首次公开募股（IPO）一样，“随时发行”在人工智能时代也呈爆发式增长。彭博汇编的数据显示，比特币财库公司 Strategy Inc. 2024 年通过“随时发行”筹集了 210 亿美元，2025 年又进行了同等规模的另一笔发行。
Like IPOs, ATMs have metastasized in the AI era. Bitcoin treasury firm Strategy Inc. raised $21 billion in 2024 via an ATM and did another of the same size in 2025, data compiled by Bloomberg show.
今年，Alphabet Inc. 约 850 亿美元的融资计划包含一项 400 亿美元的“随时发行”计划。Oracle Corp. 通过“随时发行”计划出售了约 200 亿美元股份，此外还通过出售额外股权和债务筹集了数百亿美元。
This year, Alphabet Inc.’s roughly $85 billion funding plan includes a $40 billion ATM program. Oracle Corp. sold roughly $20 billion of shares through an ATM program, on top of raising tens of billions of dollars through the sale of additional equity and debt.
